IBK sets up banking unit in China

SEOUL, June 30 (Yonhap) -- South Korea's state-run lender Industrial Bank of
Korea (IBK) said Tuesday it has set up a banking unit in China to diversify its
services.
With the new unit, IBK will expand the range of its services to retail clients as
well as corporate ones there, said the lender, which specializes in lending to
smaller businesses.
"The local incorporation allows IBK to cater to retail clients and meet a variety
of financial needs of Korean firms operating in China," an IBK official said.
The lender received approval to establish the banking unit from Chinese financial
authorities in May after running five branches in the country since 1997, it
said.
pbr@yna.co.kr
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